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Applying for a home loan is one of the first steps on the road to home ownership. The home loan process is a tedious and paperwork intensive process that requires borrowers to be disciplined and patient. If you do not stay patient during the loan process, you could make mistakes that lead to your loan being denied.

 

 

 

 

You Should Never Send In A Loan Application Before Checking Your Credit

These days, you can’t get a mortgage loan unless you have a credit score of at least 700. To get the best rates, you need to have a credit score of 740 or higher. If you have a credit score at or above 740, you have proven to be responsible with your money and debt over a long period of time. Borrowers who don’t check their credit score before applying for a loan may be shocked to find out that they have bad credit or mistakes on their credit report that have lowered their scores for no reason.

 

Always Get Pre-Approved Before Looking For Homes To Buy

Pre-approval for a loan makes it easier to determine how much you can afford to spend on your next home. If you decide that you don’t to be pre-approved for a loan, you should never shop for homes valued at more than 250 percent of your yearly salary. Getting an approval from a lender before you start shopping gives you the added bonus of sellers taking you seriously when it comes to make an offer. To determine exactly how much you can expect to be pre-approved for, you can visit findahomeloan.sg for #new-home-loan-calculator.

 

☹ Do Not Lie When You Fill Out A Mortgage Application

Mortgage applications need to be filled out thoroughly and accurately. If you provide false information on that application, you could spend up to 30 years in jail in addition to a $1 million fine. You should be aware that all statements that you make regarding your income will be verified by the lender. Therefore, you have no reason to lie or exaggerate your income or other financial statements.

 

☹ Don’t Apply For A Mortgage Without Getting A Rate Lock

The interest rate on your loan heavily influences how much you pay on that mortgage each month. Getting a loan at 4 percent interest as opposed to 5 percent interest can save you thousands of dollars over the life of the loan. This means that you need to lock your rate until the mortgage is completed.

If you are thinking about buying a house in the near future, there is a lot that you need to consider before doing so. The mortgage process demands that you know exactly how much you can afford to spend and where your money is coming from. Attempting to lie or fudge your numbers is not going to help you get the loan that you need to buy your next home.

Great Tips For You! What To Do If Your Home Loan Was Rejected

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